Shoppers Stop Delivers Robust Q2 Results with 9.4% Like-for-Like Growth and Return to Profitability

Shoppers Stop , a leading Indian retail chain, has reported strong financial results for the second quarter, marking a significant turnaround in its core business performance. The company's strategic focus on premiumization and customer-centric initiatives has yielded positive outcomes, driving growth across key metrics.

Core Business Performance

Shoppers Stop's core business demonstrated remarkable resilience and growth:

Key Metric	Growth
Departmental Store Like-for-Like Sales	9.4%
Customer Entry (Like-for-Like)	6%
Average Transaction Value	8%
Premium Product Mix	16%

The 9.4% like-for-like growth in departmental store sales represents the highest growth rate in the last decade for Shoppers Stop. This growth was driven by a combination of increased customer footfall and higher average transaction values.

Profitability Turnaround

A significant highlight of the quarter was the company's return to profitability in its core business:

Profit Before Tax: Rs. 9.00 crores (compared to a loss of Rs. 12.00 crores in the previous period)
EBITDA Growth: 42%

This turnaround represents a Rs. 21.00 crore improvement in profitability, underscoring the effectiveness of Shoppers Stop's strategic initiatives.

Category Performance

Several key categories outperformed, contributing to the overall growth:

Beauty segment: 22% growth, led by fragrances
Watches: 13% growth
Handbags: 11% growth

The premium product mix grew by 16%, now accounting for 69% of total sales, reflecting the success of Shoppers Stop's premiumization strategy.

Customer Engagement and Loyalty

The company's First Citizen loyalty program continues to be a strong driver of sales and customer retention:

Membership: Expanded to 13 million members
Contribution: 83% of total sales
Black Card and Silver Card memberships: Showing strong adoption

New Business Initiatives

While the core business showed strong performance, Shoppers Stop's new ventures are still in the investment phase:

INTUNE (value fashion format): Showing positive like-for-like growth in Q2
ssbeauty.in (digital-first beauty platform): Focused on building a differentiated beauty ecosystem

Beauty Distribution Business

Global SSBeauty, Shoppers Stop's beauty distribution arm, delivered exceptional performance:

Year-on-Year Growth: 103%

This growth underscores the potential of the beauty segment as a high-growth engine for the company.

Future Outlook

Looking ahead, Shoppers Stop remains optimistic about its growth trajectory:

Store Expansion: Plans to open 9-10 departmental stores for the full year
Festive Season: Anticipates continued double-digit growth momentum

Kavindra Mishra, Managing Director and CEO of Shoppers Stop, commented on the results: "Q2 was a demonstration of Shoppers Stop's resilience, agility, and brand strength. Our premium positioning, omni-channel model, and customer-centric strategy helped us to outperform the market."

As Shoppers Stop enters the critical festive and wedding season in Q3, the company is well-positioned to capitalize on positive consumer demand indicators, particularly in premium and wedding categories. The management remains confident in delivering sustainable, profitable growth while continuing to delight customers and create long-term value for shareholders.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+2.21%	+1.25%	-3.78%	-3.29%	-24.78%	+208.80%

Shoppers Stop Limited , a prominent Indian retail chain, has released its unaudited financial results for the second quarter and first half of the fiscal year 2025-26, revealing a mixed financial picture with improved revenue but continued losses.

Revenue Growth

For the quarter ended September 30, 2025, Shoppers Stop reported a standalone revenue from operations of Rs 1,175.31 crores, marking a 10% increase from Rs 1,068.10 crores in the same quarter of the previous year. The half-yearly revenue also saw an improvement, rising to Rs 2,269.50 crores from Rs 2,101.80 crores year-on-year.

Persistent Losses

Despite the revenue growth, the company continues to grapple with losses. The standalone net loss for Q2 FY2026 stood at Rs 22.68 crores, slightly higher than the Rs 22.00 crores loss reported in Q2 FY2025. For the half-year, however, the loss narrowed to Rs 40.57 crores from Rs 44.51 crores in the previous year.

Consolidated Performance

On a consolidated basis, Shoppers Stop's performance showed similar trends. The net loss for the quarter was Rs 20.11 crores, while the half-yearly loss amounted to Rs 35.84 crores.

Financial Highlights

Particulars (Standalone)	Q2 FY2026	Q2 FY2025	H1 FY2026	H1 FY2025
Revenue from Operations	1,175.31	1,068.10	2,269.50	2,101.80
Net Loss	22.68	22.00	40.57	44.51

*All figures in Rs crores

Pending Legal Matter

The company disclosed a pending service tax matter amounting to Rs 16.60 crores (standalone) relating to a retrospective levy from 2007-2010. This case is currently before the Supreme Court, and Shoppers Stop has not made provisions for this potential liability.

Board Approval and Audit Review

The financial results were approved by the Shoppers Stop Board of Directors at a meeting held on October 17, 2025. The statutory auditors have completed a limited review of these results as required under SEBI regulations, issuing an unmodified report.

Shoppers Stop's performance in Q2 and H1 of FY2026 reflects the ongoing challenges in the retail sector, with the company showing resilience in revenue growth but still working towards profitability. The pending legal matter adds an element of financial uncertainty, which investors and stakeholders will likely monitor closely in the coming months.